CLEVELAND, Dec. 11 /PRNewswire-FirstCall/ -- CBIZ, Inc. (NYSE: CBZ) today
announced that it has expanded its unsecured credit facility led by Bank of
America, NA, to $214 million from $150 million with an accordion feature of up
to a total of $250 million, effective December 10, 2008. The expansion serves
to provide the Company with greater flexibility in implementing its strategic
growth plan and will expire November 16, 2012.
Ware Grove, CBIZ Senior Vice President and Chief Financial Officer,
stated, "CBIZ has grown revenue by 11.3% and earnings per share by
approximately 24% through the first nine months of 2008 and operations
continue to generate strong cash flow. In November we announced an agreement
to acquire Mahoney Cohen, a $55 million New York City based accounting firm,
and we are continuing to manage a pipeline of additional acquisition
opportunities. We enjoy strong support from our bank group and are very happy
to accomplish this expansion of our credit facility during an extremely
challenging time in the credit markets. The increase in the facility is on
favorable terms and gives us greater flexibility to address acquisition and
other opportunities in the future."
CBIZ, Inc. provides professional business services that help clients
better manage their finances, employees and technology. As the largest
benefits specialist, one of the largest accounting, valuation and medical
practice management companies in the United States, CBIZ provides its clients
with financial services which include accounting and tax, internal audit,
merger and acquisition advisory, and valuation. Employee services include
group benefits, property and casualty insurance, payroll, HR consulting and
wealth management. CBIZ also provides information technology, hardware and
software solutions, healthcare consulting and medical practice management.
These services are provided through more than 140 Company offices in 34
states.
Forward-looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from those projected.
Such risks and uncertainties include, but are not limited to, the Company's
ability to adequately manage its growth; the Company's dependence on the
current trend of outsourcing business services; the Company's dependence on
the services of its CEO and other key employees; competitive pricing
pressures; general business and economic conditions; and changes in
governmental regulation and tax laws affecting its insurance business or its
business services operations. A more detailed description of such risks and
uncertainties may be found in the Company's filings with the Securities and
Exchange Commission.
SOURCE CBIZ, Inc.
12/11/2008
/CONTACT: Ware Grove, Chief Financial Officer, or Lori Novickis,
Director, Corporate Relations, both of CBIZ, Inc., +1-216-447-9000
Web site: http://www.cbiz.com/
(CBZ)
